随着生态文明建设持续深化，我国水环境治理正迈入系统化、精细化升级的新阶段。 顶层设计层面，中共中央办公厅、国务院办公厅印发的《关于全面推进江河保护治理的意见》，首次将 流域综合治理上升至国家战略层面，提出构建"四水共治"（水灾害防治、水资源节约、水生态保护、水 环境治理）协同体系，强化入河湖排污总量控制与工业用水循环利用等核心环节，为水治理行业发展确 立了长期政策支撑。 从商业模式看，科净源以核心技术为引擎、以水处理产品为载体，构建了覆盖咨询、设计、制造到运营 维护的一体化综合环境管理体系，逐步打通"技术驱动+产品支撑+服务延伸"的商业闭环。该模式使公 司能够在不同项目类型中高效复用经验、实现标准化落地，形成稳健且可复制的盈利体系。 在业务布局上，科净源坚持"国内深耕+海外拓展"的双轮战略，聚焦数据中心水处理领域，积极响应国 家"东数西算"工程，重点配合西部数据中心集群建设，在数据机房补水、循环水及趋零排放系统等环节 持续深耕。 截至2024年度，公司累计签约大数据中心循环水系统及趋零排放项目逾200个，其中国外项目超过20 个，进一步夯实其在高端工业水处理领域的领先地位。 同时，《美丽河湖保护与建设行动方案 ...

Core Viewpoint - The article emphasizes the importance of water in Chinese civilization and highlights the ongoing efforts in Jiangsu province for ecological restoration and water governance, showcasing the role of youth in these initiatives [2][3]. Group 1: Water Governance and Ecological Restoration - Jiangsu has made significant progress in the protection of the Yangtze River, with ecological restoration efforts leading to an increase in bird species from 103 to 224 [2]. - In Changzhou's Xinbei District, chemical enterprises along a 1-kilometer stretch of the river have been shut down or relocated, resulting in the ecological restoration of 3,600 acres and an ecological shoreline ratio of 80.6% [2]. - The shift from heavy chemical industries to ecological conservation reflects a broader trend of improving the relationship between humans and nature in Jiangsu [2]. Group 2: Role of Youth in Water Management - Contemporary youth are encouraged to embody the resilience of water, facing challenges with determination and innovative thinking [3]. - The article calls for youth to integrate their personal aspirations with the national goal of sustainable development, emphasizing the importance of water culture in shaping their values and actions [3]. - Youth are seen as vital participants in the ongoing water governance efforts, with a focus on community engagement and environmental stewardship [3].

Market Overview - As of August 29, the environmental protection sector declined by 1.30%, underperforming the broader market, while the Shanghai Composite Index rose by 0.8% to 3857.93 [1][2] - The top three performing sectors were telecommunications (12.4%), non-ferrous metals (7.2%), and electronics (6.3%), while the bottom three were textiles and apparel (-2.9%), coal (-2.8%), and banking (-2.1%) [1][2] Sector Performance - Water treatment sector fell by 1.23%, and the water utility sector decreased by 1.56% [1][2] - Air pollution control sector increased by 4.77% [1][2] - In solid waste management, sanitation services dropped by 4.35%, waste incineration fell by 0.50%, and resource recovery decreased by 2.76%, while other solid waste sectors rose by 4.05% [1][2] - Environmental equipment sector declined by 4.80%, and the detection/monitoring/instrumentation sector decreased by 1.82% [1][2] - Environmental remediation sector fell by 4.05% [1][2] Industry Dynamics - On August 25, the Central Committee of the Communist Party and the State Council published opinions on advancing green and low-carbon transformation, emphasizing the importance of the carbon market as a policy tool for climate change response and economic transformation [3][4] - By 2027, the national carbon trading market is expected to cover major industrial sectors, with a goal to establish a comprehensive carbon pricing mechanism by 2030 [3][5] - As of August 2025, the total transaction volume in the national carbon trading market reached 65.3979 million tons, a year-on-year increase of 108.5%, with a transaction value of 4.794 billion yuan, up 74.7% [5] Investment Recommendations - The "14th Five-Year Plan" emphasizes higher requirements for environmental quality and industrial green development, suggesting sustained high demand for energy conservation and environmental protection [6] - Water and waste incineration sectors are expected to maintain stable profitability and positive cash flow, benefiting from market reforms [6] - Key recommendations include companies like Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention on Wangneng Environment, Junxin Co., Wuhan Holdings, Yingke Recycling, Gaoneng Environment, and Qingda Environmental Protection [6]

Group 1 - The resignation of He Xin as a non-independent director, vice chairman, and vice general manager of Shanghai Taihe Water Technology Development Co., Ltd. is due to personal reasons [1][2] - He Xin will no longer hold any position in the company after his resignation [1] - The resignation will not affect the minimum number of board members required by law and the normal operation of the board [2] Group 2 - The company will promptly complete the election of a new non-independent director and vice chairman [2] - He Xin will continue to serve as the legal representative of the company until a new legal representative is appointed and the necessary business changes are completed [2] - The board expresses gratitude for He Xin's contributions during his tenure [2]

Core Viewpoint - The company is actively developing and testing an artificial intelligence control system model for water treatment processes, aiming to enhance digital modeling and management in the water industry [1] Group 1: Company Initiatives - The company has a specialized digital software team focused on the exploration and application of AI in water treatment [1] - The company is conducting research and innovation in the field of water treatment, utilizing the Hy-smart intelligent water management platform as a digital application base [1] - The company is gradually applying AI process algorithms in various water plants to achieve refined and intelligent management of operations [1] Group 2: Technological Development - The company is working on solving numerous parameters and control algorithms related to digital modeling in water treatment processes [1] - The company is continuously optimizing its digital platform to enhance operational efficiency [1]

Group 1 - The core viewpoint of the news is that the well-known private equity firm, Qingshuiyuan, has conducted research on a listed company, Jinko Environment, highlighting the advantages of its new product, New Water Island, in data services and its collaboration with Kunheng International to enhance asset market value [1] - Jinko Environment's New Water Island product has been recognized for its data integrity and depth, making it suitable for various applications such as industrial, park, and urban seawater desalination [1] - The company has already implemented projects in locations like Taiyuan and Zhoushan, serving downstream clients in emerging industries such as PCB and photovoltaic, as well as traditional industries like chemical fiber and dyeing [1] Group 2 - Qingshuiyuan Investment Management Co., Ltd. was established in October 2011 and focuses on securities investment management, having been approved as a special member of the China Securities Investment Fund Industry Association in June 2013 [2] - The company has achieved top ten cumulative returns in 2012 and 2013 among nearly 1000 similar products, indicating strong performance in the investment management sector [2] - The core management team consists of individuals with backgrounds in public fund management and government departments, and the investment research team has an average of over ten years of experience in market research and investment management [2]

Meeting Information - The third temporary shareholders' meeting of Shanghai Taihe Water Technology Development Co., Ltd. is scheduled for July 15, 2025 [1] - The meeting will be held at 10:30 AM at the Lanyun Cultural Center, 899 Panlong Road, Qingpu District, Shanghai [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system, with specific time slots for trading platform voting from 9:15 AM to 3:00 PM on the meeting day [2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same class of shares [3][4] - Any repeated voting through different methods will be counted based on the first voting result [4] Meeting Agenda - The meeting will review a non-cumulative voting proposal regarding the permanent supplement of remaining raised funds to working capital and the cancellation of special accounts [2] - There are no related shareholders required to abstain from voting on the proposal [2] Attendance Requirements - Shareholders registered by the close of trading on July 9, 2025, are eligible to attend the meeting [5] - Both individual and corporate shareholders must provide specific documentation for registration [5] Additional Information - Attendees are responsible for their own accommodation and travel expenses [5] - Contact details for the board office are provided for further inquiries [5]

Group 1 - The original board secretary of the company resigned on June 9, 2025, and the resignation became effective upon delivery to the board [1] - During the vacancy of the board secretary, the chairman He Xin will act as the board secretary [1] - The company held a second extraordinary general meeting on June 25, 2025, for the election of the fourth board of directors [1] Group 2 - The company appointed director He Fan to act as the board secretary until a new board secretary is officially hired [1] - He Fan has nearly 20 years of experience in equity investment, industrial integration, and mergers and acquisitions of listed companies [2] - He Fan meets the qualifications for senior management positions as per the Company Law and the company's articles of association [2]

Core Viewpoint - *ST Taihe, known as the "first stock in water ecological restoration," is focused on maintaining its listing status in 2025 after facing financial difficulties and being placed under special treatment due to regulatory standards [1][2]. Business Transformation Efforts - The company has attempted business transformation by acquiring Heilongjiang Haihe Beverage Co. in 2022 and entering the AI sector with a significant computing power leasing contract in 2024 [1][2]. - Despite these efforts, the short-term results have not been satisfactory, leading to a decline in financial performance [1]. Main Business Segments - As of 2024, *ST Taihe's main business segments include water environment ecological construction (46.30 million), water environment ecological maintenance (14.64 million), drinking water sales (23.98 million), and IT product sales (17.63 million) [2][3]. - The company plans to focus solely on its main business in 2025, postponing further transformation efforts [2]. Financial Performance - In the first quarter of 2025, *ST Taihe reported total revenue of 30.26 million, a year-on-year decrease of 22.29%, and a net loss of 5.81 million [9]. - The company's revenue has been declining over the past few years, with figures of 205 million, 183 million, and 103 million from 2022 to 2024 [9]. Accounts Receivable and Financing - The company has over 100 million in accounts receivable related to its computing power leasing contract, which has raised regulatory concerns [6]. - *ST Taihe plans to apply for a financing limit of up to 500 million RMB in 2025 to support its operations and business development [7][8]. Legal and Management Issues - The founder, He Wenhui, is involved in a legal dispute regarding unpaid performance compensation, which has led to a court ruling requiring him to pay 65.86 million in cash compensation and penalties [11][12]. - The company is actively working to resolve these legal issues and has applied for a retrial [12].

Core Viewpoint - Shanghai Taihe Water Technology Development Co., Ltd. is expected to report significant losses for the fiscal year 2024, with projected net losses ranging from approximately 321 million to 350 million yuan [2][4]. Performance Forecast - The company anticipates a total profit of approximately -320 million to -350 million yuan for 2024 [2]. - The expected net profit attributable to the parent company is projected to be around -321 million to -350 million yuan [2]. - The net profit after deducting non-recurring gains and losses is estimated to be between -330 million and -360 million yuan [2]. - The projected operating revenue for 2024 is expected to be between 100 million and 120 million yuan, with revenue after excluding unrelated business income estimated at 80 million to 110 million yuan, both below the 300 million yuan threshold [2]. Previous Performance Comparison - The previous forecast indicated a total profit of -270 million to -320 million yuan, with net profit attributable to the parent company expected to be -271 million to -321 million yuan [4]. - The previous operating revenue forecast was between 130 million and 170 million yuan, which has now been significantly revised downwards [4]. Reasons for Revision - The revision of the performance forecast is attributed to a comprehensive review of unsettled projects and adjustments to revenue estimates based on market conditions [5]. - The company has also considered impairment losses on goodwill due to macroeconomic impacts [5]. - Certain business revenues, although related to normal operations, were excluded due to their incidental and temporary nature [5]. Financial Status from Previous Year - In the previous year, the company reported a total profit of -234.51 million yuan and a net profit attributable to the parent company of -287.44 million yuan [6]. - The earnings per share were reported at -2.54 yuan, with operating revenue of 183.03 million yuan [6].